Authorities seize digital assets, in UK tax fraud case

Thomas Cattee (https://www.gherson.com/who-we-are/our-people/thomas-cattee)is head of white-collar crime at Gherson Solicitors. He previously worked forthe Serious Fraud Office.

In a first for the United Kingdom, HM Revenue and Customshave confiscated cryptoassets that include non-fungible tokens for digitalartwork. The case, in which three people have been arrested on suspicion of VATrepayment fraud to the value of UK£1.4 million, involved 250 fake companies. Ratherthan physically appropriating the artworks, authorities obtained a court orderto prevent the NFTs being sold on the online marketplace. Tax cheats and otherfraudsters using cryptoassets should be warned, says Thomas Cattee of GhersonSolicitors.